ATLANTA - Bitcoin Depot Inc. (NASDAQ: BTM), a prominent Bitcoin ATM (BTM) operator in the United States, announced today that it is on track to exceed its year-end target of installing 8,000 BTMs earlier than anticipated. With contracts now in place for over 8,000 locations, the company is close to achieving its largest BTM fleet to date.
Since the beginning of the year, Bitcoin Depot has expanded its reach by entering the Puerto Rican market and enhancing its franchise program. In addition, the company has committed to the purchase of 900 new kiosks and has partnered with a major convenience store chain to set up 940 new kiosk locations across 24 states.
The recent developments follow a trajectory of growth for Bitcoin Depot, which overtook the leading market share position in North America in early 2022. Despite volatility in the cryptocurrency market, Bitcoin Depot became the first BTM operator to go public on a major U.S. stock exchange in 2023. The company's success has been recognized in Forbes 30 Under 30, Deloitte's 2023 Technology Fast 500, and the 2023 Inc. 5000.
Brandon Mintz, Founder and CEO of Bitcoin Depot, commented on the milestone, emphasizing the company's commitment to providing accessible Bitcoin services and its role as an industry pioneer. Bitcoin Depot's services enable users to convert cash into Bitcoin for various financial activities, such as payments, transfers, and investments.
As of April 1, 2024, Bitcoin Depot operates approximately 7,400 kiosks in 48 states and provides services at thousands of retail locations in 29 states through its BDCheckout product. The company's mission is to bridge the gap between cash users and the digital financial system.
This announcement is based on a press release statement.
InvestingPro Insights
Bitcoin Depot's recent announcement of its growth and expansion plans comes at a time when the company's stock performance has faced significant challenges. According to real-time data from InvestingPro, Bitcoin Depot's market capitalization currently stands at a modest $98.58 million. Despite the company's operational progress, the stock has experienced a substantial decline, trading near its 52-week low, with the price of the previous close at $1.89. Over the last week, Bitcoin Depot's stock price has taken a considerable hit, with a -21.56% price total return.
An InvestingPro Tip suggests that analysts anticipate a sales decline in the current year, which may be a factor to consider when evaluating the company's future revenue streams. However, it's also noted that net income is expected to grow this year, indicating potential for improved profitability despite the projected sales challenges. With the company operating with a moderate level of debt and having a P/E ratio (adjusted) for the last twelve months as of Q4 2023 at -8.55, investors may want to keep an eye on these financial health indicators.
For those considering a deeper analysis of Bitcoin Depot Inc., there are additional InvestingPro Tips available, which can provide further insights into the company's financial health and stock performance. Interested readers can explore these tips by visiting https://www.investing.com/pro/BTM and can use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 16 additional InvestingPro Tips listed, offering a comprehensive view of the company's financial outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.